The Monetary Policy Committee (MPC) has slashed the repo rate by 25 basis points to 6% from 6.25% on grounds of persistent moderation in price trends and lowering of inflation. Repo rate is the rate at which RBI gives loans to banks and NBFCs. The MPC consists of six members headed by the RBI governor. […]
The State Bank of India has reduced the interest rate on savings accounts by 0.50% on deposits below Rs 1 Crore. However, the rate of interest for those accounts that maintain a balance of more than Rs 1 Crore would not be affected. Prior to this move, the bank offered an interest rate of 4% […]
With the recent rise in credit card frauds it is but natural to wonder who is liable – you or the bank? Does the cardholder bear the brunt of the fraud or should the banks absorb the expenses? To end this suspense, the Reserve Bank of India (RBI) recently revised the draft guidelines on Customer […]
In order to promote small ticket size transactions, State Bank of India has removed charges on transactions made through IMPS (Immediate Payment System). From now, there will be no charges for IMPS transaction under Rs. 1000. For transactions between Rs. 1,000 to Rs. 1 lakh, Rs. 5 will be charged. For remitting amounts between Rs. […]
When Sachin Tiwari finished his Masters in Business Administration (MBA) in 2010, he owed Rs 6 lakh to the bank towards his education loan. Not wanting to default on his loan or let the interest component balloon, he decided to make each day count and get rid of his education loan as fast as possible. […]
Premium credit cards offer a lot of travel benefits including travel insurance. This can be really useful for people who have to travel overseas quite often. Complimentary travel insurance offered with credit cards usually covers overseas medical expenses, air accident, passport loss coverage and more.
With India entering the GST regime, a few automobile giants have slashed prices and several more are expected to join in to minimize the transitional effect of the new taxation framework on their sales. This has provided a great opportunity to buyers, who missed out on pre-GST offers. Maruti Suzuki, the biggest player in […]
With the revolutionary ‘Goods & Services Tax’ or GST effective from July 1, 2017, most industries are waiting to see the impact it brings. One such industry is the real estate industry. While GST is expected to bring in more transparency in real estate, there is speculation whether it will ultimately lead to decrease in […]
With the transition from cash to digital payments gaining traction, the next expense area being targeted is rent. RentPay, a London-based company RedGirraffe’s fintech platform, can now be used for paying rent through credit cards. Currently, individuals with credit cards from HDFC, SBI Cards, IndusInd Bank, Axis Bank, ICICI Bank and Kotak Mahindra Bank can […]
As per new government rules, bank accounts not linked with Aadhaar will be closed after December 31st, 2017. Applicants would also need to provide their Aadhaar to get new accounts opened in both private and public sector banks. The regulation that was issued by the revenue department on June 1st has been amended under the […]
